By Hassan Mehmood (Saudi Arabia)
Today, the cryptocurrency markets see a bullish push from investors and traders. Altcoins, especially Ethereum, has surged significantly, and even leading asset Bitcoin reached $10,000. Analysts are excited about recent move by Bitcoin and expect it to attain $11,500.
After behaving as a low volatile digital asset, Bitcoin finally breaks its silence and tries to attain the most-discussed psychological level $10,000. Today, the top digital asset exhibits high volatility as it went from $10,600 to $10,000 abruptly. And then bearish forces again tried to pull it back to $9,000.
Important Level $10,185
If bulls become possible in retaining overnight rally, it would result in $11,500 as some analysts are also giving speculations. Analyst Josh Rager believes that its price can reach $10,185, then a new high can witness on the weekly trend. He said:
“Weekly close above $9,760 is what we’re looking for today. Ideally, a weekly close above $10,185 would give another high-high on the weekly trend.”
Also read:Another Bitcoin analyst @Chase_NL says that in case of strong breakout, the price value can reach even $11.5k. He said:
“Cautiously bullish. Blue box should be a buy if a retrace was to occur. With that said, ETH never provided a solid retracement to get long before it continued north and I’d prefer to see BTC follow suit. A strong breakout leads to 11.5K as first major resistance.”
Image via Twitter
Altcoins’ Dominance
But the situation can turn in the opposite direction if selling pressure dominates the cryptocurrency markets. Before the recent BTC rally towards $10,000, the BTC capital flow into cryptocurrency exchanges has seen a significant jump since the start of the year. The rising prices of altcoins suppose that people are turning to altcoins from Bitcoin. Pedro Febrero from Quantum Economics said while talking to a news outlet:
“Therefore, it makes sense [that] the net flows of bitcoin to exchanges start to pump again, as most investors and traders use exchanges to switch from BTC into [altcoins].”
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